API Connect installation fails with could not create directory /var/lib/postgresql/data/pgdata - Permission denied

$ kubectl logs pod/management-b58c080a-db-1-initdb-b9mkm_initdb.log -n apic

{"level":"info","ts":"<timestamp>","msg":"EPAS specific features","logging_pod":"management-b58c080a-db-1-initdb","enabled":false}
{"level":"info","ts":"<timestamp>","msg":"Creating new data directory","logging_pod":"management-b58c080a-db-1-initdb","pgdata":"/var/lib/postgresql/data/pgdata","initDbOptions":["--username","postgres","-D","/var/lib/postgresql/data/pgdata","--waldir","/var/lib/postgresql/wal/pg_wal","--encoding=UTF8","--lc-collate=C","--lc-ctype=C"]}
{"level":"info","ts":"<timestamp>","logger":"initdb","msg":"The files belonging to this database system will be owned by user \"postgres\".\nThis user must also own the server process.\n\nThe database cluster will be initialized with locale \"C\".\nThe default text search configuration will be set to \"english\".\n\nData page checksums are disabled.\n\ncreating directory /var/lib/postgresql/data/pgdata ... ","pipe":"stdout","logging_pod":"management-b58c080a-db-1-initdb"}
{"level":"info","ts":"<timestamp>","logger":"initdb","msg":"initdb: error: could not create directory \"/var/lib/postgresql/data/pgdata\": Permission denied\n","pipe":"stderr","logging_pod":"management-b58c080a-db-1-initdb"}
{"level":"error","ts":"<timestamp>","msg":"Error while bootstrapping data directory","logging_pod":"management-b58c080a-db-1-initdb","error":"error while creating the PostgreSQL instance: exit status 1","stacktrace":"github.com/EnterpriseDB/cloud-native-postgres/pkg/management/log.(*logger).Error\n\tpkg/management/log/log.go:125\ngithub.com/EnterpriseDB/cloud-native-postgres/pkg/management/log.Error\n\tpkg/management/log/log.go:163\ngithub.com/EnterpriseDB/cloud-native-postgres/internal/cmd/manager/instance/initdb.initSubCommand\n\tinternal/cmd/manager/instance/initdb/cmd.go:167\ngithub.com/EnterpriseDB/cloud-native-postgres/internal/cmd/manager/instance/initdb.NewCmd.func2\n\tinternal/cmd/manager/instance/initdb/cmd.go:118\ngithub.com/spf13/cobra.(*Command).execute\n\tpkg/mod/github.com/spf13/cobra@v1.8.0/command.go:983\ngithub.com/spf13/cobra.(*Command).ExecuteC\n\tpkg/mod/github.com/spf13/cobra@v1.8.0/command.go:1115\ngithub.com/spf13/cobra.(*Command).Execute\n\tpkg/mod/github.com/spf13/cobra@v1.8.0/command.go:1039\nmain.main\n\tcmd/manager/main.go:70\nruntime.main\n\t/opt/hostedtoolcache/go/1.22.2/x64/src/runtime/proc.go:271"}
Error: error while creating the PostgreSQL instance: exit status 1